Decided to buy into this one in April/1996 at $2.30 take a look at it now, expected CF $3.50 for 1998
REMINGTON ENERGY LTD. ANNOUNCES WEST STODDART, BRITISH COLUMBIA INITIAL TEST RESULTS
CALGARY, April 24 /CNW/ - Remington Energy Ltd. has now
production tested its discovery well in the West Stoddart area of
British Columbia. The initial discovery well 16-32 flowed 51 degrees
API oil and associated gas at rates up to 1000 BOE/D through a half
inch choke. However, the Corporation anticipates that initial
government allowables will be lower and production will be eligible
for the three year royalty holiday in British Columbia. Testing of
the second well at 01-31 will commence following breakup. Additional
testing will occur during the latter part of 1996 and full production
is expected to commence in January of 1997 with the installation of
facilities which are being designed for 3000 bbls/d of oil and 5
MMCF/D of solution gas. Paul Baay, President of Remington says, ``We
are very early on in the play and a number of engineering hurdles
still have to be overcome but the opportunities for our company are
terrific.'' Following road bans, Remington will commence a
continuous nine well drilling program in the area that will include
six development locations and three exploratory locations. Along
with the drilling program, a 3-D seismic program will be shot to
evaluate horizontal development locations which could increase the
allowables on a per well basis. The 3-D seismic program will also
help to further define three up-hole hydrocarbon bearing zones that
were encountered in the wells. Remington now controls 38 sections of land in and around the West Stoddart project with an average working interest of 77 per cent.
For further information: Paul R. Baay, President & C.E.O., Remington Energy Ltd., (403) 269-9309 |
